The Japanese yen strengthened toward 154 per dollar on Monday, rising more than 2% over two sessions to its strongest level in more than a month, as markets priced in the growing risk of coordinated intervention by Tokyo and Washington to support the currency. On Sunday, Prime Minister Sanae Takaichi said the government would take “necessary steps” to counter speculative market moves, reinforcing official resolve to stabilize the yen. Additional momentum came from reports that the New York Federal Reserve had checked dollar/yen levels with dealers on Friday, a move widely interpreted as preparatory groundwork for potential joint intervention in the FX market. The yen also drew support from broad-based dollar weakness, driven by elevated geopolitical and trade risks, alongside expectations that President Donald Trump may soon replace Fed chair Jerome Powell with a more dovish successor, further pressuring the greenback.